These projects are expected to create 855 new jobs and retain 2,958 jobs throughout Massachusetts, while leveraging approximately $199 million in private investment. Five manufacturing companies and seven projects located in Gateway Cities were among the EACC approved projects this quarter.
Governor Charlie Baker said that Massachusetts has “a robust, pro-growth business environment, and our administration is committed to maintaining and improving the Commonwealth’s business ecosystem. Through targeted business development tools like the Economic Development Incentive Program, we will continue to support sustainable, long-term growth.”
Lieutenant Governor Karyn Polito said the EDIP “unlocks private capital investment and job creation across Massachusetts. Creating the optimal environment for job growth is crucial to stimulating new growth, and lifting up every community in Massachusetts.”
Housing and Economic Development Secretary Jay Ash said the EDIP “allows us to make effective and accountable investments in the Massachusetts businesses. These investments have ripple effects beyond specific beneficiaries. The local job creation we support spurs regional business growth and an improved quality of life throughout the Commonwealth.”
Assistant Secretary for Business Development Nam Pham said the projects approved in this quarter “demonstrate the diversity of the Massachusetts economy. By deploying targeted, cost-effective incentives, we are encouraging new growth in information technology, medical device manufacturing, and hospitality, and spurring job creation from Beverly to North Adams.”
Here is a list of the 18 projects.
Since January 2015, the EACC has approved 88 economic development projects, creating 4,557 jobs, retaining 8,607 existing jobs, and leveraging more than $1.4 billion in private investment. During the Baker-Polito Administration, the EACC has assisted 39 manufacturing companies and 44 companies in Gateway Cities.
The EDIP is the Commonwealth’s investment tax credit program for businesses, and is one of the most effective tools helping businesses to grow in Massachusetts. EDIP tax credits and other incentives are available to companies that make qualifying investments in new facilities and create new jobs. The EACC meets on a quarterly basis to review applications. More information about the EDIP is available at Massachusetts Office of Business Development.